India to invest in Iran

A consortium of three public sector units (PSUs) in the oil sector has signed an exploration contract for an offshore oil and gas block in Persian Gulf. The contract is worth USD 27 million. The consortium comprises ONGC Videsh Ltd (OVL), Oil India Ltd (OIL) and Indian Oil Corporation (IOC). The contract is India’s first exploration contract in Iran since the oil sector was nationalised in 1970s.

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